CoinSwitch Kuber immediately introduced that it has closed an over $260 million (roughly Rs. 1,943 crores) Collection C funding spherical from Andreessen Horowitz, Coinbase Ventures and current buyers Paradigm, Ribbit Capital, Sequoia Capital India and Tiger World. With this fundraise, CoinSwitch Kuber is now valued at $1.9 billion (roughly Rs. 14,200 crores), making it the most recent unicorn from India. In its press launch, CoinSwitch Kuber stated that it serves over 10 million Indian clients.
The corporate additionally stated that it’ll use these funds to scale that consumer base to a different 50 million Indians, and to introduce new crypto merchandise. It additionally plans to make use of the funds raised for extra hiring, bringing on extra belongings onto its platform, and onboarding extra establishments. Apart from this, CoinSwitch Kuber shall be launching an ecosystem fund, and spending cash on cryptocurrency consciousness and schooling, the press launch said.
“CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible,” said Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber. “I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto. We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena with Andreessen Horowitz choosing us to be their first investment in India. Coinbase Ventures’ investment is also testimony to the confidence they have in CoinSwitch Kuber’s business model and the tremendous potential India’s crypto space has to offer.”
“The CoinSwitch Kuber team has worked round the clock to be the most preferred platform for crypto investors in India,” he added. “This has helped us to reach the unicorn status in just over 14 months of operations in India. Over the last one year our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India.”
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” stated David George, Normal Associate at Andreessen Horowitz. “Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.”
CoinSwitch Kuber was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a worldwide aggregator of cryptocurrency exchanges, and permits customers to purchase over 80 cash by means of the platform.